Japan’s international trade growth slowed to just 1% in March after both exports and imports came in lower than expected. That nonetheless resulted in the highest trade surplus since April 2016. While there was a 17% surge in exports of semiconductor equipment and 8% in chemicals there was a small downturn in ferrous metals exports. The latter may reflect the first impact of America’s section 232 duties on steel and aluminum. They only came in late in the month and so may have a bigger effect in May. While China remains Japan’s largest trade partner, relations with the U.S. are the riski...